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No more Carillion scandals
22 May 2018
Shadow chancellor John McDonnell is promising an end to scandals such as Carillion on Labour’s watch. And, he said he is launching a full review to ‘crackdown’ on poor practice in auditing and accountancy industry.
The independent review of the entire corporate auditing and accounting regime in the UK will be led by PQ magazine’s columnist Professor Prem Sikka, now of Sheffield University.
The review will consider whether regulatory bodies should be merged, abolished or restructured, and it will also consider what penalties or fines should be imposed in future.
McDonnell didn’t hold back claiming the lack of openness, transparency and accountability means nobody ever seems to be punished for their transgressions. He also feels the accountants and auditors seem to operate with impunity while lining their pockets.
Under the next Labour government McDonnell promised the big six firms will not be allowed to continue to act like a cartel that prevents new market entrants ort drive down standards. “Otherwise it will further infect the rest of our economy and business community.’
Professor Sikka’s report will be launched at Labourk Party Conference in September
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